Abstract
Introduction
Lenders are having to contend with the issue of decreasing customer loyalty,
as customers shop around more and switch providers more often. So how should
lenders look to maintain customer loyalty and what do customers look for when
considering switching providers? Moreover, which lenders are addressing this
challenge successfully?
Scope
- Looks at the key drivers of customer loyalty and its state across European
retail banking markets.
- Analyzes which factors are most important to customers when considering
staying with or switching providers.
- Provides a number of case studies of the lenders that are succeeding in
the customer retention and/or acquisition areas.
Report Highlights
Branch managers surveyed believed that an increase in consumer awareness and
the growth in online banking are the principal reasons for customers shopping
around more than they used to a few years ago.
Allied Irish Bank' s ' be' credit card is particularly effective in both
customer acquisition and retention; by firstly offering a highly competitive
discounted APR and then by varying the APR by how much customers spend after a
period of twelve months.
Banco Popular in Spain excels in cross-selling to existing customers as a way
to build up customer loyalty. Unlike its larger competitors, the bank uses CRM
systems, its brand image, and customer service to cross-sell products. Such a
strategy has been highly successful for the bank, which is now known for its
ongoing success in cross-selling.
Reasons to Purchase
- Gain a thorough understanding of the customer retention issues lenders are
facing and what they are doing about it.
- Identify and evaluate the most successful strategies in retention and
acquisition in your market.
- Understand where the opportunities lie in customer retention and
acquisition and what you can do about it.
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